We jumpstarted 2019 with our first tea talk of the year by Mr. Allan Lee, Director of Consulting Services at Friday Concepts (International) as well as Head of the BCM Faculty at IERP, who spoke on the value of business continuity management (BCM) through the lens of Value on Investment (VOI). VOI helps measure the total value of ‘soft ‘or intangible benefits derived from continuity initiatives in addition to those “hard” benefits measured by ROI. Its approach is critical to allow funding for continuity planning efforts that provide the competitive differentiation necessary in today’s dynamic business landscape.
Business continuity is defined as getting your business up and running at the quickest time possible, with minimal losses to your business. Mr. Allan highlighted current perceptions concerning BCM. According to The Resilience Gap Report 2017, even though 96% of those surveyed believed that business resilience SHOULD BE a core element of their company’s overall business strategy, only 54% claim that business resilience is a focus. This statistic proves that although BCM is recognized among businesses it is not comprehensively integrated and practiced by organisations as intended because BCM does not support a strong ROI.